German Jobless Increase but Unemployment Rate Unchanged at 6.9%

Unemployment in Germany rose during May, according to the latest set of official figures.

The country’s Labour Office said that, on a seasonally adjusted basis, the number of people out of work increased by around 21,000 to 2.963 million, well above analysts’ expectations.

Bad weather and a relatively high number of public holidays are being blamed for the increase.

However, the jobless rate remained unchanged at 6.9%.

Labour office chief Frank-Juergen Weise insisted that the German job market was “fundamentally sound and is developing solidly in a difficult economic environment”.

Analysts said that while the long, harsh winter was a factor, employers were also still cautious, following concerns about the economic situation in Italy and Cyprus.

via BBC

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View the original article: http://forexblog.oanda.com/20130529/german-unemployment-rate-unchanged-at-6-9-jobless/



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